Minda Industries Limited Quarterly Results Update Q2 FY20
Minda Industries Ltd Quarterly Results Update (Q2 FY`20) November 2019
Safe Harbor
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This presentation and the accompanying slides (the “Presentation”), has been prepared by Minda Industries Limited (the “Company”), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the auto ancilliary industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.
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Quarterly Update Presentation
Performance Highlights for the Quarter
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Favourable Factors
Un-Favourable Factors
•
Improved profit contribution from Associates and JV Cost Management and Austerity measures kept overheads in check.
• New Products have started contributing to the top
line
• Benefit from corporate Tax reduction
• Volumes impacted due to depressed demand.
Lower capacity utilization
Business Review
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Switches
01
Secured additional Business from MSIL new Model
HBA business is restructured with one 2W OEM
Lighting
02
Got additional business in Renault and MSIL (S-Presso)
Sales in line with OE, Maintained EBIDTA Y-o-Y
Acoustics
03
Domestic business maintained despite volume cuts by OEM
Clarton Horn volume is lower on account of tepid European market
Light Metal Technology
04
Highest rating ( Purple) accorded to MKA from M&M for QCDD performance
Better operational efficiency & New orders from MSIL and M&M
Others
05
RPAS (TTE DAPS) has Turned around
iSYS , Katolec and KPIT have contributed to top line growth.
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Consolidated Financial Highlights
Revenue (Rs. Cr)
-11%
1,522
1,360
Adjusted growth (9.7)% *(27) Cr HBA restructuring
Q2 FY19
Q2 FY20
PAT* (Rs. Cr)
-32%
73
49
Q2 FY19
Q2 FY20
* PAT = PAT ( MIL Share )
EBITDA (Rs. Cr)
-16%
189
56
15
118
162
74
24
64
Margin (%)
Q2 FY19
Q2 FY20
PBT
Interest
Depreciation
12.44%
11.89%
4.78%
Q2 FY19
3.64%
Q2 FY20
EBITDA
PAT
Revenue Bridge – Q2 FY20
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1,523
(18)
48
(21)
(53)
2 r e t r a u Q
1 H
Q2 FY19
Lighting
Others
Acoustics
2,955
24
95
(28)
Light Metal Technology
(86)
(121)
1.360
Switches
Q2 FY20
(162)
2,799
H1 FY19
Lighting
Others
Acoustics
Light Metal Technology
Switches
H1 FY20
Business wise Revenue Mix
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Revenue – Q2FY19
Others 10%
Revenue – Q2FY20
Others 14%
Switches 39%
Switches 36%
LMT 15%
Acoustics 12%
Lighting 22%
Lighting 23%
LMT 17%
Acoustics 12%
Business wise EBITDA Mix
EBITDA – Q2 FY19
EBITDA - Q2 FY20
Others 11%
Others 10%
LMT 26%
Switches 38%
LMT 32%
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Switches 35%
Acoustics 7%
Lighting 18%
Acoustics 7%
Lighting 17%
Revenue Mix – Q2 FY20
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Geography-wise Breakup
Channel-wise Breakup
Segment -wise Breakup
India
International
OEM
Replacement
2Wheeler
4Wheeler
17%
10%
46%
54%
83%
90%
Diversification across Categories and Geographies
Mergers & Acquisitions: Status Update
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Harita Seating Sytems Merger
Shareholder and creditor meeting is being convened by NCLT Delhi on November 19, 2019
Merger of 4 WOS
Shareholder and creditor meeting is being convened by NCLT Delhi in the second week of December 2019 and on 16th December by NCLT Mumbai
DELVIS Acquisition
Expected to be completed by December 2019
Shareholding Pattern
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Corp Bodies / Others 5.2%
Corp Bodies / Others 5.1%
Retail 7.3%
Insitutions 16.8%
Retail 8.5%
Institutions 15.5%
Mar ‘19
Sep ‘19
Promoters 70.8%
Promoters 70.8%
Consolidated Profit & Loss Statement
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Particulars (Rs. Cr) Revenue from Operations (Net of Excise) Raw Material Employee Cost Other Expenses EBITDA EBITDA Margin Other Income Depreciation EBIT EBIT Margin Finance Cost Profit before Share of Profit/Loss of JVs and Tax PBT Margin Exceptional Item Tax Profit before Share of Profit/Loss of JVs Share of Profit/Loss of JVs Net profit/(loss) after share of profit/(loss) of associates / joint ventures (A) PAT Margin %
PAT attributable to:
- Owners of MIL - Non Controlling Interests Other Comprehensive Income Total Comprehensive Income for MIL TCI Margin % Total Comprehensive Income for Non Controlling Interests
Q2 FY20 1,359.58 814.71 208.39 174.86 161.62 11.89% 5.07 73.95 92.74 6.82% 23.84 68.9 5.07%
17.16 51.74 6.35 58.09 4.27%
49.44 8.65 -2.66 47.07 3.46% 8.36
Q2 FY19 1,521.72 937.62 195.28 199.48 189.34 12.44% 4.76 56.09 138.01 9.07% 15.05 122.96 8.08%
38.73 84.23 4.55 88.78 5.83%
72.72 16.06 4.5244 77.09 5.07% 16.21
YoY % -11%
-15% (56)bps
-33% (225)bps
-44% (301)bps
-39%
-35% (156)bps
-32%
-39% (160)bps
Q1 FY20 1,439.75 872.16 215.13 180.26 172.2 11.96% 6.92 71.2 107.92 7.50% 23.81 84.11 5.84%
27.68 56.43 5.9 62.33 4.33%
53.48 8.85 -0.47 52.97 3.68% 8.89
QoQ % -6%
-6% (61)bps
-14% (67)bps
-18% (77)bps
-8%
-7% (6)bps
-8%
-11% (22)Bps
FY19 5,908.09 3,622.48 791.29 769.14 725.18 12.27% 27.03 234.38 517.83 8.76% 63.15 454.68 7.70%
134.07 320.61 18.87 339.48 5.75%
285.62 53.86 -0.68 284.91 4.82% 53.89
Consolidated Balance Sheet
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ASSETS
1. Non-current assets
Property, Plant and Equipment Capital work-in-progress Right-of-use assets Intangible Assets Intangible Assets Under Development Goodwill on Consolidation
Financial Assets (i) Investments (ii) Loans (iii) Others Deferred tax assets (net) Other Tax Assets Other Non-current Assets Sub-total - Non-Current Assets
2. Current Assets
Inventories Financial Assets
(i) Trade receivables (ii) Cash and cash equivalents (iii) Bank balance other than those included in cash and cash equivalents (iv) Loans (v) Others Current Financial Assets
Other current assets Sub-total - Current Assets TOTAL - ASSETS
As at 30-Sep-2019
As at 31-Mar-2019
LIABILITIES
As at 30-Sep-2019 As at 31-Mar-2019
1,583.89 184.2 122.54 79.34 25.32 164.92
367.5 20.54 8.66 7.42 22.74 120 2,707.07
536.63
776.81 114.97
35.16
1.82 30.92 130.92 1,627.23 4,334.30
1,629.40 131.52 0.00 66.84 18.61 164.92
355.58 21.21 9.66 0.00 33.05 67.10 2,497.89
560.97
899.22 92.77
17.29
2.01 22.00 138.48 1,732.74 4,230.63
EQUITY AND LIABILITIES Equity Equity share capital Other Equity Equity attributable to owners of the Company Non-Controlling Interest
Total Equity
LIABILITIES 1. Non-current liabilities Financial Liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities Provisions Deferred tax liability net
Total- Non current liabilities
2. Current Liabilities Financial Liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables
52.44 1727.57 1780.01 268.61 2048.62
625.95 101.21 79.98 116.71
923.85
275.84 12.21
-
52.44 1,651.72 1704.16 266.71 1,970.87
606.34 0.00 75.58 99.64 0.62 782.18
349.15 0.00
(a) Total outstanding dues of micro & small enterprises
(b) Total outstanding dues of creditors other than micro & small enterprises (iv) Other financial liabilities Other current liabilities Provisions
Total- Current liabilities
TOTAL Equity and Liabilities
54.88
64.61
680.85
226.69 87.53 23.83 1361.83 4,334.30
733.21
231.15 77.90 21.56 1,477.59 4,230.63
Consolidated Cash Flow Statement
Particulars (Rs in Cr)
PBT
Adjustments
Operating profit before working capital changes
Changes in working capital
Cash generated from operations
Direct taxes paid (net of refund)
Net Cash from Operating Activities
Net Cash from Investing Activities
Net Cash from Financing Activities
Net Change in cash and cash equivalents
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30-Sep-2019
30-Sep-2018
153.01
237.07
349.28
91.01
440.29
-42.64
397.65
372.94
-200.56
172.38
-61.32
111.06
-294.23
-420.63
-81.84
21.58
273.81
-35.76
Contact Us
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For further information, please contact:
Company :
Investor Relations Advisors :
Minda Industries Ltd. CIN : L74899DL1992PLC050333 Mr. Tripurari Kumar GM Finance tripurarik@mindagroup.com
Strategic Growth Advisors Pvt. Ltd. CIN : U74140MH2010PTC204285 Mr. Jigar Kavaiya +91 99206 02034 jigar.kavaiya@sgapl.net
www.unominda.com
www.sgapl.net